PetroGas Co. Changes Independent Auditor

TL;DR

PetroGas Co. swapped auditors from PwC to BDO USA, LLP.

AI Summary

PetroGas Co. announced on October 21, 2024, a change in its certifying accountant. The company has dismissed PricewaterhouseCoopers LLP and engaged BDO USA, LLP as its new independent registered public accounting firm. This change was approved by the Audit Committee of the Board of Directors.

Why It Matters

A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, which investors should monitor.

Risk Assessment

Risk Level: medium — Changes in auditors can sometimes precede or coincide with financial restatements or other significant events, warranting closer scrutiny.

Key Players & Entities

• PetroGas Co. (company) — Registrant
• PricewaterhouseCoopers LLP (company) — Former Certifying Accountant
• BDO USA, LLP (company) — New Certifying Accountant
• Audit Committee of the Board of Directors (company) — Approving Body

FAQ

Filing Documents

• ptco_8k.htm (8-K) — 28KB
• ptco_ex161.htm (EX-16.1) — 4KB
• ptco_ex161img2.jpg (GRAPHIC) — 12KB
• 0001640334-24-001580.txt ( ) — 165KB
• ptco-20241021.xsd (EX-101.SCH) — 6KB
• ptco-20241021_lab.xml (EX-101.LAB) — 13KB
• ptco-20241021_cal.xml (EX-101.CAL) — 1KB
• ptco-20241021_pre.xml (EX-101.PRE) — 8KB
• ptco-20241021_def.xml (EX-101.DEF) — 2KB
• ptco_8k_htm.xml (XML) — 4KB

01 Changes in Registrant's Certifying Accountants

Item 4.01 Changes in Registrant's Certifying Accountants. (a) Termination of Independent Registered Public Accounting Firm On October 21, 2024, Petrogas Company (the "Company") dismissed Olayinka Oyebola & Co, Chartered Accountants ("OOC") as its independent registered public accounting firm. The Company's audit committee unanimously approved the decision to dismiss OOC. There have been no "disagreements" (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K) and no "reportable event" occurred (as that term is defined in Item 304(a)(1)(v) of Regulation S-K during the fiscal year ended March 31, 2024 and the subsequent interim period up to and including the date of OOC's dismissal between the Company and OOC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which, if not resolved to the satisfaction of OOC, would have caused them to make reference to the subject matter of the disagreement in connection with their report on the Company's financial statements for those periods. (b) Appointment of Independent Registered Public Accounting Firm On October 24, 2024, the Company appointed Boladale Lawal & Co (Chartered Accountants) ("BLC") as its new independent registered public accounting firm to audit and review the Company's financial statements. During the two most recent fiscal years ended March 31, 2024 and 2023 and any subsequent interim periods through the date hereof prior to the engagement of BLC, neither the Company, nor someone on its behalf, has consulted BLC regarding (i) either: the application of accounting principles to a specified transaction, either completed or proposed; or the type of audit opinion that might be rendered on the Company's consolidated financial statements, and either a written report was provided to the Company or oral advice was provided that the new independent registered public accounting firm concluded was an important factor considered by the Com

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 16.1 Letter from Olayinka Oyebola & Co, Chartered Accountants 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PETROGAS COMPANY DATE: October 28, 2024 By: /s/ Huang Yu Name: Huang Yu Title: President, CEO 3

View Full Filing

View this 8-K filing on SEC EDGAR